Voluntary Savings Schemes to Protect Informal Workers in Jordan

Friederike Uta Rother, Carole Chartouni, Javier Sanchez-Reaza, Ernesto Ariel Brodersohn Ostrovich and Montserrat Pallares-Miralles

No 170802, Social Protection Discussion Papers and Notes from The World Bank

Abstract: This paper proposes a framework of voluntary savings schemes (VSS) in Jordan that cancomplement the current formal sector arrangements to better protect informal workers against economic shocks,unemployment, old age, or disability. As benefits of traditional mandatory pension systems worldwide have beencut substantially since the 1990s, voluntary defined contribution schemes are increasingly trying to fill thegap. In many countries, including in low-income countries, special voluntary savings schemes have been introduced toprotect informal workers. Blending the knowledge from best practices internationally with the cluster methodologydeveloped specifically for Jordan, the paper provides an overview of the current system of social security in Jordanand presents policy options to lower informality, extend social protection coverage, and provide more adequateprotection to workers.

Date: 2022-04-26
New Economics Papers: this item is included in nep-age, nep-ara and nep-iue
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